Monday, 27 July 2015

GDX - miners start the week on a bad note

With precious metal prices remaining weak - despite a cooling USD, the related mining stocks resumed the broader trend. The ETF of GDX settled -4.0% @ $13.52. Near/mid term outlook remains bearish to the 12/10 zone, as Gold looks set for $1000.. .and almost equally viable... 900/875 zone.

GDX, daily

GDX, monthly


Little to add.

Regardless of any micro bounces... the miners look under pressure into Sept/Oct.

Until physical metal prices stop falling... the miners will remain broadly weak.. regardless of any strength in the broader equity market.